Illinois HB2452 amends the Property Tax Code to adjust the senior citizens homestead exemption, including maximum reductions and income limitations.
HB2452 modifies the Property Tax Code to revise the senior citizens homestead exemption. It sets the maximum reduction at $8,000 for all counties starting from taxable year 2026. For taxable years 2023 through 2025, the maximum reduction is $8,000 for counties with 3,000,000 or more inhabitants and $5,000 for other counties. The bill also adjusts the maximum income limitation for the exemption, setting it at $75,000 for all counties starting from taxable year 2026.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.